• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Authorities in Odisha Expose Cryptocurrency Scam Involving GBE Crypto Trading Company of Over INR 7.6 Million

user avatar

by Giorgi Kostiuk

10 months ago


  1. Investigation of the Crypto Scam
  2. Scammers' Tactics
  3. Account Freeze and Next Steps

  4. Authorities in Odisha, India, have exposed a large cryptocurrency scam that cheated investors out of over INR 7.6 million (around $90,604). The scam involved a fake crypto trading platform called GBE Crypto Trading Company.

    Investigation of the Crypto Scam

    According to [local reports](https://www.newindianexpress.com/states/odisha/2024/Aug/26/balangir-police-cracks-crypto-scam-nabs-four-from-rajasthan-for-rs-76-lakh-fraud), the name was intentionally designed to sound like GBE Brokers, a well-known brokerage firm based in Cyprus, to trick people into trusting the fake platform.

    Scammers' Tactics

    The scammers operated mainly through WhatsApp and Telegram, where they shared a fake trading app. To hide their identity, they used virtual phone numbers and VPN services, making it difficult for police to trace their activities. An investigation by the Cyber Police Station in Balangir, Odisha, discovered that the scammers had registered several fake domains pretending to be real trading platforms.

    Account Freeze and Next Steps

    Although it’s unclear if they directly impersonated GBE Brokers, their tactics were convincing enough to fool many investors. Superintendent of Police Rishikesh Khilari reported that more than 60 bank accounts linked to the scam have been frozen, and INR 85 lakhs (about $101,334) has been seized. The police are still investigating to recover more money and catch others involved.

    Authorities continue to work on uncovering and preventing such scams in the future to protect investors and create a safer financial environment.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

UAE Golden Visa for $100,000 Toncoin Staking

chest

Investors can now obtain a UAE golden visa by staking $100,000 worth of Toncoin with a yield of 3-4%.

user avatarGiorgi Kostiuk

Top Cryptos to Buy Now: BlockDAG, Pi Network, SUI, and Hyperliquid

chest

Overview of promising cryptocurrencies, including BlockDAG and Pi Network, with unique features and growing communities.

user avatarGiorgi Kostiuk

PEPE Cryptocurrency Decreases in Value Amid Weaker Investor Interest

chest

PEPE drops over 8%, influenced by a market selloff. Trading volume falls by 47.41%.

user avatarGiorgi Kostiuk

Upcoming Events in the Cryptocurrency Market: Token Unlocks and Economic Changes

chest

Significant events, including token unlocks and economic changes, are expected in the cryptocurrency market next week.

user avatarGiorgi Kostiuk

XRP Chart Analysis: Key Levels and Forecasts

chest

Analysts discuss potential movements for XRP after the latest chart analysis. What to expect from the cryptocurrency?

user avatarGiorgi Kostiuk

Olaxbt Secures Funding to Enhance AI Crypto Trading

chest

Olaxbt raised $3.38 million led by Amber Group to enhance its AI-powered trading capabilities.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.